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Section 44AD doubt
pls tell under 44AD if I show my Net profit 0. Then will tax audit apply to me
Replies (4)
Net profit 0 means if it is less than 6% of turnover provisions of tax audit will apply.
GROSS RECEIPTS OR TURNOVER IS THE CRITERIA
If you declare profit of less than 8% or 6% of your turnover then tax audit will be applicable.
Exception.....
Audit will not be applicable if total income is below maximum chargeable to tax !!!
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